united european car carriers streamlines sanctions ... · increasing the scope of its financial...

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accuity.com

About UECC

UECC provides short sea transportation services for

cars and other rolling cargo The firm is headquartered in Oslo, with eight offices

and seven port-related terminals across Europe

UECC was founded in 1990 and is jointly owned by

Nippon Yusen Kabushiki Kaisha (NYK) and

Wallenius Lines

The Challenge

The shipping sector plays a major role in facilitating

global trade, but it has also become a target for

money launderers and terrorist financiers. Global

regulators are therefore putting increasing pressure on

the industry to detect illicit financial activity and prevent

abuse of the system.

United European Car Carriers Streamlines Sanctions Compliance with Accuity

United European Car Carriers (UECC), a Norwegian transportation firm, is working with

Accuity to overhaul its sanctions compliance programme

As part of its existing process, UECC used to check its

customers against publicly available ownership records

and sanctions lists. This process took several days, as

there are multiple lists to check, across many different

websites. Recently, UECC experienced an increase

in requests to ship cargo to higher-risk regions. The

increased volumes of checks created a backlog, which

was beginning to affect the wider business operations

and the customer experience.

UECC sought a software partner to help bring the

backlog under control, streamline its sanctions

compliance process, and shorten the time taken to

perform each check.

The implications for breaching sanctions compliance in the cargo

industry are very serious. UECC is pleased to be undertaking compliance initiatives which will enable us to expand operations but also

comply with higher standards”.

Erin Birkeland

Head of Legal Claims

UECC

The Solution

UECC has taken a proactive approach to compliance by

increasing the scope of its financial crime screening activity.

The firm has implemented Online Compliance from

Accuity, a comprehensive solution that enables it to

screen customer files against sanctions, politically

exposed persons (PEPs), reputationally exposed persons

(REPs) and enforcement data, all from a single source.

Online Compliance includes:

More than 3 million entities in 250 countries and

territories – including the world’s largest PEP database

Data from over 1,300 enforcement agencies, 30,000

publications, court filings, company records and all

global sanctions lists

24/7 monitoring of updates to provide the latest

information critical to ensuring regulatory compliance

The Results

Higher Standard of Compliance - the data provided by

Online Compliance goes beyond that which is available

from public lists. It has enabled UECC to conduct a

greater level of due diligence by allowing access to

information on business associates, family members

of potential clients, and a greater level of business

ownership detail.

Increased Efficiency with Online Compliance - UECC

has been able to reduce the time spent per AML/CTF

check from several days to 5 minutes.

Improved Customer Experience – not only is the firm

well equipped to adhere to the relevant regulations, the

increase in efficiency means it can provide a much more

streamlined experience to clients.